@BOMBERuss 12 October 2022

The #Shiba Inu token (SHIB) is breaking popularity records among Indian cryptocurrency traders, despite the strict taxation on cryptocurrencies Indian investors ignore large coins, such as #Bitcoin or #Ethereum, and buy up the popular memcoin Shiba Inu (SHIB). According to the Nomics analytical resource, this is the most actively traded #token on the country's leading crypto exchanges, including #Zebpay, #WazirX and #CoinDCX. #SHIB accounts for 9% of the total trading volume in India. SHIB traders on Zebpay have traded almost $120 million since the beginning of the year. According to WazirX, meme cryptocurrency accounts for 10% of the total trading turnover of the platform. Over the past ten months, traders have traded almost $1 billion. India's other major crypto #exchange, CoinDCX, reported that SHIB accounts for more than 5% of total trading volume. These are large volumes for a country where there are high taxes for #cryptocurrency trading. When the country introduced new rules, trading volumes dropped sharply, and many companies were forced to withdraw from the local market. A common cryptocurrency legislation is unlikely to appear in India in the near future, because there is no global consensus on this issue yet.